Biogen (BIIB) stock hit a 52-week high of $219.94 on Tuesday, up 57% over the past year. The stock opened at $212.55 on Wednesday and has a 52-week low of $131.52.
The move comes after a strong Q2 earnings report and a massive new position taken by BlackRock.
BlackRock bought 15.98 million units of Biogen stock in Q2, valued at around $3.45 billion. That gives the asset manager roughly 10.82% ownership of the company.
Several other institutional investors also added to their positions. Empowered Funds lifted its stake by 64.9%, Focus Partners Wealth increased its position by 172.2%, and Cerity Partners boosted its stake by 15.3%. In total, institutional investors and hedge funds now own 87.93% of BIIB.
Biogen posted Q2 revenue of $2.74 billion, beating analyst expectations of $2.46 billion. EPS came in at $3.60, well ahead of the consensus estimate of $2.94.
Off the back of those results, Biogen raised its full-year 2026 revenue guidance from a mid-single-digit decline to a mid-single-digit increase. That’s a meaningful swing in direction, driven by newer products and a growing rare-disease portfolio.
Full-year EPS guidance was set at $12.00 to $13.00. Analysts currently forecast $12.39 EPS for the year.
The stock trades at a P/E ratio of 37.62 and has a market cap of $31.40 billion. Its 50-day moving average sits at $204.36 and its 200-day moving average at $193.76.
Wall Street has responded positively to recent results. Canaccord Genuity raised its price target to $248 and kept a Buy rating. Guggenheim reiterated Buy with a $280 target. Oppenheimer maintained an Outperform rating with a $300 price target. H.C. Wainwright raised its target to $251.
Not everyone is as bullish. Barclays raised its target from $185 to $200 but kept an Equal Weight rating. JPMorgan lifted its target from $175 to $185 with a Neutral rating.
The consensus across analysts currently stands at a “Moderate Buy” with an average price target of $227.07. Of the analysts covering the stock, 18 have a Buy rating, 13 have a Hold, one has a Strong Buy, and one has a Sell.
Biogen is also preparing to release results from its Phase 3 TOPAZ-1 and TOPAZ-2 lupus drug trials. The InvestingPro platform lists “high return over the last year” as a key metric and flags the stock as appearing undervalued at current levels.
The stock’s debt-to-equity ratio stands at 0.39, with a current ratio of 1.87 and a beta of just 0.17.
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